Domestic silver prices
As of 9:15 am on May 2nd, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.845 - 2.953 million VND/tael (buying - selling); an increase of 45,000 VND/tael on the buying side and an increase of 46,000 VND/tael on the selling side compared to yesterday morning.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 2.855 - 2.943 million VND/tael (buying - selling); an increase of 45,000 VND/tael on the buying side and an increase of 46,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 76.133 - 78.479 million VND/kg (buying - selling); an increase of 1.2 million VND/kg on the buying side and an increase of 1.226 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on May 2nd (Vietnam time), the world silver price was listed at 75.18 USD/ounce; an increase of 1.04 USD compared to yesterday morning.
Causes and forecasts
According to precious metals analyst James Hyerczyk of FX Empire, spot silver prices recorded a strong increase at the end of the week, after buying power returned from mid-week and helped the market maintain a short-term correction zone.
Technically, James Hyerczyk believes that the market is currently leaning towards an upward trend. If the buying force is strong enough, silver prices may head towards the 83 - 84 USD/ounce zone, and further to the 91 - 98 USD/ounce zone. Conversely, if the recovery momentum is not maintained, the price may return to the support zone of 69 - 72 USD/ounce, even under deeper downward pressure.
He said that macroeconomic factors are also contributing to supporting the silver market. Fuel prices fell after the signal of resuming negotiations between Iran and the US eased inflationary pressure. "This helped stabilize interest rate expectations - a positive factor for silver, which is a non-interest asset. In addition, a slight decrease in the yield of 10-year US Treasury bonds also made silver more attractive to investors," James Hyerczyk said.
In the same direction as silver, gold prices also increased sharply, pulling the entire group of precious metals up. This synergy contributes to consolidating the current recovery momentum of silver, although the increase is not explosive.
From an supply-demand perspective, James Hyerczyk emphasized that the silver market is still facing a prolonged shortage for the sixth consecutive year. Material supply continues to tighten, especially in major trading centers such as London and Shanghai, in the context of China's implementation of export control measures.
Meanwhile, industrial demand remains high, driven by sectors such as solar energy, electric vehicles, electronics and artificial intelligence infrastructure. This is considered the main pillar of the silver market," James Hyerczyk added.
Overall, James Hyerczyk said that the outlook for silver prices in the short term depends heavily on the ability to exceed important technical thresholds and the developments of macroeconomic factors, especially interest rates and inflation.
See more news related to silver prices HERE...
